Shake Shack returning entire $10 million Paycheck Protection Program loan

An order is ready at Shake Shack.
(Image credit: Andrew Burton/Getty Images)

Shake Shack on Sunday night announced it will be returning the $10 million federal loan it received that was intended for small businesses.

The fast-casual burger chain received the money from the Paycheck Protection Program, which set aside $349 billion to help small businesses pay their workers during the coronavirus pandemic. The program stipulates that if businesses bring back their furloughed and laid-off workers by June, the loans will be forgiven. The PPP started less than two weeks ago, and has already run out of money.

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Catherine Garcia, The Week US

Catherine Garcia has worked as a senior writer at The Week since 2014. Her writing and reporting have appeared in Entertainment Weekly, The New York Times, Wirecutter, NBC News and "The Book of Jezebel," among others. She's a graduate of the University of Redlands and the Columbia University Graduate School of Journalism.